A new SPL sponsor is also needed to replace Clydesdale Bank as their £2million-per-year agreement expires next month.

Smith said: “We’re all missing the thing, it’s the finance that’s necessary and Rangers need to play in the Premier Division to maximise the money coming into Scottish football.

“I’m not bright enough to come up with an answer but we’ve put all this concentration on shuffling teams about and they’re still the same teams.

“We’ve restructured before and always come back to the same problem. It’s not about a revamp, it’s about generation of finance.

“You have to be able to generate money because the game has become financially based. We have to be sure if we change the leagues it’s going to generate more money to raise standards.

“We find ourselves saying, ‘We’ll change the leagues, the supporters will like that, it’ll be a change.’ Then five years later we’re back at the same situation again.

“It’s an improvement in standards that has to be made. That costs money and we have to find a way to generate cash instead of constantly arguing about changing the league.

“How can anyone tell me two leagues of 12 that split into three divisions of eight would attract anybody? A team that’s fourth bottom of the Premier Division could be 12 points ahead of the club that’s bottom.

“Then all of a sudden they’re back to zero and the side that’s bottom could buy players in the transfer window and end up back in the league while the team who were 12 points ahead could be relegated.

“I don’t see that we need play-offs. We need an increased standard of football and that can only be brought about by having a better level of player in Scotland.

“If we don’t, we’re getting into a situation where we’re like teams in Wales and Northern Ireland.

“So if we’re going to change the league and TV people are saying ‘We’ll pay more because that’s an exciting concept’, then fine.

“But we’re changing it for the same circumstance. There was a lot of criticism of the 10-team league but it was probably the most successful era of Scottish football.

“Aberdeen and Hearts were breaking the Old Firm dominance. And that was because we had good players in good teams, not because of the size of league.

“The best model for me is the one that can bring in the highest level of finance for the rest of the teams to help them improve standards.”

Smith wasn’t in favour of newco Rangers being denied entry to the SPL last summer and warned it would eventually leave Scottish football in a critical state.

Several clubs are struggling to make ends meet and Dunfermline are in interim administration while Hearts have had issues with failing to pay their players on time.

Smith said: “We saw the domino effect coming. That was apparent to everybody who voted.

“It was pointed out to them, even if they didn’t realise, so they did it knowingly and need to get on with things now.

“I’m settled on the fact Rangers have a couple of years to go to get back up and it will not be easy.”